GM Beats Estimates as It Trims European Losses
DETROIT (TheStreet) -- GM
Excluding items, the automaker earned 84 cents a share. Analysts surveyed by Thomson Reuters had expected 75 cents. Revenue rose 3% to $39.1 billion. Analysts had estimated $38.4 billion.
Including items, GM earned $1.26 billion, or 75 cents a share, down from $1.5 billion, or 90 cents a share, in the same period a year earlier..
In premarket trading Thursday, GM shares were trading at $38.15, up $1.01 a share.
"We continue to perform well in the world's two most important markets, the U.S. and China," said CEO Dan Akerson, in a prepared statement. "We also made further progress in our European business and saw the steady performance of our global brands Chevrolet and Cadillac."
GM North America reported EBIT-adjusted of $1.98 billion, up from $1.89 billion in the same period a year earlier. GM Europe reported a loss of $110 million, compared with a loss of $394 million a year earlier. GM International, including Asia, reported EBIT of $228 million, down from $627 million. GM South America EBIT was $54 million, up from $16 million. GM Financial EBIT was $254 million, up from $217 million.
-- Written by Ted Reed in Charlotte, N.C.
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